REGISTERED NUMBER: 05121902 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

FIRST DEVELOPMENTS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr D Margulies

Mr M Herzog

REGISTERED OFFICE:

90 Oldhill Street

London

N16 6NA

REGISTERED NUMBER:

05121902 (England and Wales)

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

Chartered Accountants

Maple House, Level 5A

149 Tottenham Court Road

London

W1T 7NF

The directors present their strategic report for the year ended 31 May 2025.

REVIEW OF BUSINESS

General Overview

The company has been able to maintain sales at the levels achieved in the last financial year. Demand remains strong and the company has expanded its product range and diversified its offering. Increased inflation and global uncertainty meant margins were tightened both across the cost of sales and the general overheads. The company saw particular increases in its costs of goods, wages and local taxes.

Business Environment

Although the group faces competition from supermarkets and other retailers, it was able to differentiate itself and grow its client base both online and through its specialist shops.

Trading Results

The directors are pleased to report a successful year for the group. As a result, turnover has increased to £17.7 million (2024: £15.9 million). An increase in the cost of sales resulted in gross profit of £3.3 million (2024: £2.7 million) reported. The directors consider the profit achieved on ordinary activities before taxation to be particularly satisfactory given the continued pressure on margins due to increased competition and costs at all parts of the supply chain.

As shown in the profit and loss account, the company's operating profit for the year was £225,447 (2024: £497,739). The company's balance sheet shows net assets of £5,378,676 (2024: £5,246,070) at the end of the year, with a cash position of £534,189 (2024: £776,981). The state of affairs at the balance sheet date is considered to be satisfactory particularly with the stronger cash position.

Strategy

The current economic climate and global conflicts present challenges to the industry, however the directors are pleased to announce that the current trading year continues to build on the strong base for the previous years. The directors will continually review the marketplace and manage the risks to maintain and improve the company's profitability.

Social responsibility is a core principle on which the group is based and the directors are pleased that the company has been able to make charitable donations in excess of £250,000.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board but work closely with their financial and other professional advisers in managing this. The policies set by the directors are implemented by the company's finance department.

Price risk

The company is exposed to price risk due to normal inflationary increases in the purchase price of the goods, but mitigates this with a robust pricing strategy. The company has no exposure to equity securities price risk as it holds no significant listed or other equity investments.

Liquidity risk

The company actively maintains short-term debt facilities which are designed to ensure that the company has sufficient available funds for operations and planned expansions.

KEY PERFORMANCE INDICATORS

The key performance indicators for the company are as follows -

2025

2024

Measure

Gross profit margin

19%

17%

Gross profit/turnover

Stock turnover ratio

2.45 times

2.24 times

Cost of sales/average stock

Average stock holding period

149 days

148 days

Average stock/cost of sales x 365

These indicators suggest that the company has maintained effective controls whilst its turnover has remained stable. the stock turnover ratio increased from 2.24 times in 2024 to 2.45 times in 2025, indicating an improvement in the rate at which inventory is being sold. The average stock holding period remained broadly consistent at 149 days compared with 148 days in the prior year.

- Client satisfaction - Maintaining high standards of client satisfaction and encouraging customer loyalty is a key target for management.

- Employee satisfaction and skills - Hiring a good workforce has been a key factor in the company's stability. This in turn improves morale and efficiencies.

- Reliability of supply chains - Developing relationships with suppliers is essential in ensuring inventory can be sourced when required.

EMPLOYEES

The policy of the company is to employ the most suitably qualified persons regardless of age, religion, gender, sexual orientation or ethnic origin or any other grounds not related to a person's ability to work safely and effectively for the business. The directors recognise the importance of ensuring that relevant business information is provided to the employees prior to the employee's commencement date. This is achieved through initial induction and regular training.

ON BEHALF OF THE BOARD:

Mr D Margulies - Director

28 August 2026

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of retail wine and spirit shops and online sales.

DIVIDENDS

No dividends will be distributed for the year ended 31 May 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

Mr D Margulies

Mr M Herzog

CHARITABLE DONATIONS AND EXPENDITURE

During the year the company made charitable donations of £301,437

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr D Margulies - Director

28 August 2026

Opinion

We have audited the financial statements of First Developments Limited (the 'company') for the year ended 31 May 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial

statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection,employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence;

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual,suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential

bias.

To address the risk that revenue could be misstated due to fraud. we:

- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates,records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators where appropriate.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Yedidya Zaiden (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

Chartered Accountants

Maple House, Level 5A

149 Tottenham Court Road

London

W1T 7NF

28 August 2026

TURNOVER

17,763,950

15,900,558

Cost of sales

(14,450,909

)

(13,185,735

)

GROSS PROFIT

3,313,041

2,714,823

Administrative expenses

(3,095,159

)

(2,229,837

)

217,882

484,986

Other operating income

22,626

12,753

OPERATING PROFIT

4

240,508

497,739

Loan written off

5

(15,061

)

-

225,447

497,739

Interest receivable and similar income

3,250

2,543

228,697

500,282

Interest payable and similar expenses

6

(79,074

)

(51,146

)

PROFIT BEFORE TAXATION

149,623

449,136

Tax on profit

7

(16,457

)

(179,238

)

PROFIT FOR THE FINANCIAL YEAR

133,166

269,898

PROFIT FOR THE YEAR

133,166

269,898

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

133,166

269,898

FIXED ASSETS

Intangible assets

9

2,100

3,150

Tangible assets

10

706,829

752,108

708,929

755,258

CURRENT ASSETS

Stocks

11

5,620,710

6,100,351

Debtors

12

1,975,089

1,205,385

Cash at bank and in hand

534,189

776,981

8,129,988

8,082,717

CREDITORS

Amounts falling due within one year

13

3,371,489

3,450,743

NET CURRENT ASSETS

4,758,499

4,631,974

TOTAL ASSETS LESS CURRENT LIABILITIES

5,467,428

5,387,232

PROVISIONS FOR LIABILITIES

14

88,192

141,162

NET ASSETS

5,379,236

5,246,070

CAPITAL AND RESERVES

Called up share capital

15

120

120

Retained earnings

16

5,379,116

5,245,950

SHAREHOLDERS' FUNDS

5,379,236

5,246,070

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

Mr D Margulies - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2023

120

4,976,052

4,976,172

Changes in equity

Total comprehensive income

-

269,898

269,898

Balance at 31 May 2024

120

5,245,950

5,246,070

Changes in equity

Total comprehensive income

-

133,166

133,166

Balance at 31 May 2025

120

5,379,116

5,379,236

Cash flows from operating activities

Cash generated from operations

1

653,685

1,074,902

Interest paid

(79,074

)

(51,146

)

Tax paid

(693,626

)

32,955

Net cash from operating activities

(119,015

)

1,056,711

Cash flows from investing activities

Purchase of tangible fixed assets

(133,943

)

(123,501

)

Interest received

3,250

2,543

Net cash from investing activities

(130,693

)

(120,958

)

Cash flows from financing activities

Loan to group company

-

(197,485

)

Amount withdrawn by directors

6,916

2,050

Net cash from financing activities

6,916

(195,435

)

(Decrease)/increase in cash and cash equivalents

(242,792

)

740,318

Cash and cash equivalents at beginning of year

2

776,981

36,663

Cash and cash equivalents at end of year

2

534,189

776,981

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

149,623

449,136

Depreciation charges

180,272

185,119

Finance costs

79,074

51,146

Finance income

(3,250

)

(2,543

)

405,719

682,858

Decrease/(increase) in stocks

479,641

(439,875

)

(Increase)/decrease in trade and other debtors

(769,492

)

70,816

Increase in trade and other creditors

537,817

761,103

Cash generated from operations

653,685

1,074,902

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

534,189

776,981

Year ended 31 May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

776,981

36,663

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank and in hand

776,981

(242,792

)

534,189

776,981

(242,792

)

534,189

Total

776,981

(242,792

)

534,189

1.	STATUTORY INFORMATION

First Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The items in the financial statements where these judgements and estimates have been made include:

- assessing the recoverability of the intercompany balances.

- assessing the estimated life of the fixed asset.

Turnover

Sales of goods is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over the life of the lease

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, after making due allowance for obsolete items. The amount of any write-down of stock to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

800,593

704,549

Social security costs

62,071

42,496

Other pension costs

165,943

165,337

1,028,607

912,382

The average number of employees during the year was as follows:

2025

2024

43

44

2025

2024

£

£

Directors' remuneration

51,623

54,986

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

179,222

184,069

Goodwill amortisation

1,050

1,050

Foreign exchange differences

(32,108

)

(609

)

5.	EXCEPTIONAL ITEMS

2025

2024

£

£

Loan written off

(15,061

)

-

During the year, loan amounting to £15,061 (2024: nil) owed by Lion Walls Limited were written of as they were no longer receivable.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest, charges and

penalties

79,074

51,146

79,074

51,146

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

69,505

153,005

over/underprovision of tax

(77

)

-

Total current tax

69,428

153,005

Deferred tax:

Origination and reversal of timing differences

(52,971

)

26,233

Tax on profit

16,457

179,238

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

149,623

449,136

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

37,406

112,284

Effects of:

Expenses not deductible for tax purposes

9,476

6,372

Depreciation in excess of capital allowances

22,623

34,349

Deferred tax

(52,971

)

26,233

Underprovision of tax

(77

)

-

Total tax charge

16,457

179,238

8.	PENSION COMMITMENTS

The company operates a defined contribution scheme. During the year the company contributed £165,943 (2024: £165,337). There were no outstanding contributions at the reporting date

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2024

and 31 May 2025

15,000

AMORTISATION

At 1 June 2024

11,850

Amortisation for year

1,050

At 31 May 2025

12,900

NET BOOK VALUE

At 31 May 2025

2,100

At 31 May 2024

3,150

10.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 June 2024

8,000

572,084

237,111

Additions

-

44,161

780

At 31 May 2025

8,000

616,245

237,891

DEPRECIATION

At 1 June 2024

8,000

200,557

131,971

Charge for year

-

61,626

26,481

At 31 May 2025

8,000

262,183

158,452

NET BOOK VALUE

At 31 May 2025

-

354,062

79,439

At 31 May 2024

-

371,527

105,140